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File #: 21-9182    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 6/28/2021 In control: Council and Authorities Concurrent Meeting
On agenda: 9/28/2021 Final action: 9/28/2021
Title: Report on the Audited Santa Clara Stadium Authority Fiscal Year 2020/21 Annual Financial Statements
Attachments: 1. Santa Clara Stadium Authority Financial Statements, 2. Internal Controls and Compliance Letter, 3. Independent Auditors’ Report (Debt Compliance Letter)
REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Report on the Audited Santa Clara Stadium Authority Fiscal Year 2020/21 Annual Financial Statements

Report
BOARD PILLAR
Ensure Compliance with Measure J and Manage Levi's Stadium

BACKGROUND
The Santa Clara Stadium Authority (Stadium Authority), the Stadium Funding Trust, and Goldman Sachs Bank USA entered into a Credit Agreement on June 19, 2013. Section 5.1(a) of the Credit Agreement requires that the Stadium Authority Annual Financial Statements be audited by independent certified public accountants within 180 days after the end of each fiscal year. On June 25, 2021, the Stadium Authority entered into a professional services agreement with KPMG, LLP (KPMG) to perform the annual financial audit of the Stadium Authority's Fiscal Year 2020/21 Annual Financial Statements.

The Annual Financial Statements include: (1) the Independent Auditors' Report which describes the auditors' responsibility and their opinion of the Financial Statements, (2) Management's Discussion and Analysis which provides an overall review of the Stadium Authority's financial activities, (3) the Basic Financial Statements, and (4) the Notes to the Financial Statements which have additional information pertaining to the Stadium Authority's operations and financial position.

The Audit Committee met with Stadium Authority and KPMG staff on September 16, 2021 to review the draft Stadium Authority Fiscal Year 2020/21 Annual Financial Statements. The role of the Audit Committee is to provide oversight of the Stadium Authority's financial reporting processes, internal controls and independent auditors. At this meeting Stadium Authority staff provided an overview of the Financial Statements and KPMG discussed the audit process and the audit results. The Audit Committee voted to accept the Financial Statements and recommended that the Stadium Authority note and file the report at the September 28, 2021 Joint Council and Authorities Concurrent an...

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